Archives of real estate blog entries for July 12, 2012

Featured blog posts


Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info - 06:43 PM
 
 
Down Payment Requirements, Credit, and Interest Rates. Finding Reliable Info ...                     Today ... I'm frustrated. And maybe just a tad ticked too.                Why??           Because I ran across yet another so-called "expert" of our industry providing totally misleading and incorrect information, via a very large media outlet. This time their message was regarding ... down payment requirements, credit, and interest rates.               3 pretty major and important motivators for home buying, wouldn't you agree?  3 things you definitely want the truth about .. … (18 comments)

Your Dream Home Need Not Be Perfect - 08:07 PM

 With visions of granite dancing in their head our buyer enters the housing market. Maybe it's the 100 degree heat, but every showing seems to end in frustration. "If only I could find the perfect house, my troubles would be over"!
 Along the way there were a few near misses. The cool ranch home with hardwood flooring, if only the fence weren't chain link! And that french country home that you both loved? Yep, the utility room needed a sink to seal the deal.
 Regardless of price point, the home buying game is one of compromise. I had a buyer … (31 comments)

War Paint or Voodoo?, I'll Try It To Get Into Some Short Sales - 08:02 PM
Short Sale Showing Horror Stories:  No Sign, No Lockbox, Appointment Only, Dogs On Property, Do Not Disturb Occupant, Drive By Only, Listing On Hold:


I've been pretty lucky representing buyers on short sales until lately, it seems it's getting harder to view them or maybe I've just had a stroke of bad luck!
(One of my colleagues says he will not show short sales anymore at all because of the inept agents that handle them)!

Ruling out short sale showings is just not possible in our Southwest Riverside County real estate market, right now.  This is because the … (42 comments)

Should your Buyer do a Walk-Through or Waive it? - 08:58 PM
 
Should your Buyer do a Walk-Through or Waive it?
 
One of the major events of a purchase of a home is the final walk-through or in our state called “Verification of Property”. When I first started real estate, it was an event that always took place but not so much anymore. With properties selling as-is or real estate owned, many agents waive this step. California's “VP” form; there is even a box now you can check if your client wants to waive the walk-through.
 
What is a Walk-Through?
 
1.    What is a walk-through? It is a … (54 comments)

Sell My House. What Should Good Listing Agents Know and Do? Part 2 - 05:09 AM


Thanks for stopping by Part 2 of what you should look for when hiring a quality real estate agent to list and sell your home.
The agent you should hire should be able to show you a well designed marketing program that includes classy brochures, individual property websites of their listings, Youtube videos of their client's properties, and many quality photos and slide-shows that they have used to promote the sale of their client's property.
How the agent displays your home to the buying public is in direct relationship to how excited they will be to come … (21 comments)

Price is Important in a Central Connecticut Short Sale Tranasction - 04:55 AM
Price is Important in A Central Connecticut Short Sale Transaction
 
In a recent transaction, I had both the sellers and the buyers declare that the offered price was not important as the bank would just proceed with the transaction. This was so wrong on several counts as Price is very important in a short sale transaction.
In any short sale, the contract price should ideally fall within 10% of market value, as it justifies the transaction to the bank and that will be confirmed in two ways. The seller’s agent continuously monitors the market and tries to make reductions … (13 comments)

Don't Fall in Love with a House Until It's Yours - 10:07 AM
The excitement of house hunting has worn off, you've been working with your buyers for months and after submitting 4 contracts on 4 different houses your buyer's offer is THE ONE the seller agrees to.  Sigh of relief and high fives all around?  Not just yet!
I always tell my buyers to never fall in love with a house because we all know what happens when you fall in love. There is a little dose of reality to content with that enters between that signed contract and ownership but instead of the in-laws it's the mortgage approval, home inspection and appraisal … (25 comments)

How we calculate the GFE - 12:24 PM
Several people have asked how we calculate the figures in the new GFE. The instructor in the training class I took explained it this way.

This should clear it up pretty easily. Any questions?
 
(16 comments)

Hidden Features of the iPad and iPhone - 06:42 PM
Hidden Features of the iPad and iPhone
Who doesn't want to know every hidden feature of their iPad and iPhone?
 Hidden Features
I don't even know all of the normal features, but now I want to know all of the hidden ones even more. Although we may never use or need some of these options, at least we can make informed decisions. 
Hopefully, you'll discover at least one new feature and if not, YOU should make the next How To Video. 
 


 
  
Every Subscriber is Special but some more Special than others, because they … (63 comments)

The Gospel according to John - 08:04 AM

 
OK, let me clear up any misconception. This gospel is not from any of those dear folks that shared information back when we switched from BC to AD. This is my gospel (good news). It is a free blogdom and these are little things that I want to share.
Why? Well, today I have accomplished surviving 66 years on this mortal coil. As the songwriter lamented, "they're only words, but words are all I have to take your heart away". 
For background purposes (it's always nice to know the roots of the author), let me again dip into the … (14 comments)

How to write good. A comical look at potential blog writing skills. - 12:47 PM
When I was taking a real estate class recently, I had a conversation about blog writing with the instructor. The next day he handed me an amusing article by Frank L. Visco. I get a good chuckle whenever I look at it. The truth is that if you follow this advice, it might nake you a better blog writer. For me, I'm not sure there is really help, but maybe for you there might be. 
How to write good by Frank L. Visco
My several years in the word game have learnt me several rules:
Avoid alliteration. Always. Prepositions are not … (82 comments)

WARNING! If You See An Alligator Here In Florida- Get Away! - 07:45 PM
Warning! If Your Encounter An Alligator here in Florida get away! 
A teenager was really hot one day and decided to jump into a river that had active alligators in it.  He fought for his life when an alligator bit his hand. The teenager was smart to let the alligator have his hand and part of his arm in order to save his own life. This was an unprovoked attack.  This is one of two recent encounters where someone has lost a limb to an alligator.
Alligators are everywhere in Florida even in Wellington and the rest of South Florida. … (66 comments)

What's Not in Your FICO® Score Raleigh? - 05:11 AM
FICO scores are critical to your ability to buy a home.  Let’s clear up some misconceptions/urban legends and look at what’s NOT used to calculate your score.
US law forbids the use of race, color, religion and sex when calculating your score.  Did you know it also prohibits using…
-- Marital status
-- Receipt of public assistance or
-- The exercise of any consumer right under the Consumer Protection Act
Not prohibited is use of your age.  Some scores may consider age, but FICO doesn’t.  Where you live also not factored in.
What about job information?  Lenders consider some items … (20 comments)

How Much Should I Pay for That House? - 08:50 AM
As the housing market in St. Charles continues it’s steady improvement, more buyers are out looking for their next home. No buyer wants to overpay so I do a pretty extensive analysis to determine a fair price for the house. See an example of one of my spreadsheets below.
I use the MLS to find a decent size sample of recent comparable sales of similar property types that are in the same area as the subject property. Since few houses are exactly alike I make price adjustments for the difference in a side by side comparison. For example, if the subject property has a … (16 comments)

Referrals Are REALTORS® Best Friends - 01:01 PM
Referrals are REALTORS® best friends and contribute much to the overall success of the individual agent. Today being that it is Thankful Thursday I thought I would share one of my favorite referrals. And the source of that referral came from right here on ActiveRain.One afternoon I was out and about busily taking care of some of the many details of running your own real estate consulting business. As I sometimes do I left my cell phone at home. The tasks that I needed to do were all close at hand so I didn’t worry about it.Like many professional real estate … (20 comments)

Please Do NOT Send Me the Inspection Report - 09:01 AM
 
Please Do NOT Send Me the Inspection Report
 
This is something I have been hearing from listing agents lately after having the buyer’s inspection done. 
 
I know that the seller and the listing agent would have to disclose any material defects with the home once they know about them, but refusing to receive the inspection report just doesn’t feel quite right to me. 
 
Why wouldn’t the seller want to know if there is something wrong with their home?  What if their home doesn’t sell and they end up staying there?  Wouldn’t you think they would … (107 comments)

REALTOR Party is NOT "My" Party - 02:57 PM
I wrote a post for one of my favorite online real estate magazines, AG Beat, this week. It's an opinion piece, an editorial, and purely my own thoughts. Please go to AG Beat to read the entire post.
 
I don’t care to belong to any club that will have me as a member I’ve been reading and sitting on the sidelines for months, contemplating this “Realtor Party” movement and wondering why I am not at all a card carrying member of this. After some soul searching and research on the National Association of Realtors (NAR) press, below are my problem(s) … (44 comments)

Get Back to Work Faster in Utah than Any Other State - 07:38 PM
You can get back to work faster in Utah than any other state in the US.  New data shows that Utah is the 49th lowest in the US for the length of time residents collect unemployment insurance benefits. The average unemployment duration rate for the US is currently 14.4 weeks. However, the unemployment duration rate in Southern Utah is 13.2 weeks. That’s over a week less that the national average.

Southern Utah is made up of Washington County, Cedar City, Garfield County, Beaver, Kane County, Kanab, Junction, and Kanab. Therefore, if you live in the Southern Utah area and lose … (11 comments)

400,000+ Yahoo email accounts hacked! - 12:37 PM
Yahoo has confirmed that their systems were compromised and that over 400,000 of their email users accounts were hacked!  I just learned about his about 2 hours ago and already one of my friends account sent me crap.
Here is an article on the LA Times with more details:  http://www.latimes.com/business/technology/la-fi-tn-yahoo-confirms-hack-20120712,0,2875544.story
The surprising thing to me was that even with all the information out there about email hacking and the importance of strong passwords (although it wouldn't have helped in this hack) that the top five reoccuring passwords were:
123456 password welcome ninja abc123 Hey all you Ninja's out there, we can … (23 comments)

If your only criterion for hiring a contractor is price, good luck. - 03:04 AM
If your only criterion for hiring a contractor is price,
good luck.
 
Everyone wants a good deal, I shop for bargains myself. If you are looking for an item or service that is the same, price is very important. A box of laundry detergent at Wal-Mart is probably going to be cheaper than at the supermarket. If the two items are the same product, it makes sense to buy the less expensive one. But what if the two aren’t the same, than price can’t be the only criterion.
I recently bid on a job for $900.00, the other contractor … (67 comments)

What Was Real Estate Like in 1980? - 08:57 PM
What Was Real Estate Like in 1980? If you weren’t in the business in the early 80’s then you have no idea how much it has changed, gotten more complicated and even better with time. By looking at the past and the way business was conducted way back in 1980, you will appreciate what you have now and all the tools and technology that dominate our real estate world.
What Was Real Estate Like in 1980?
Office- Agents were all put in one big room called a bullpen; private offices were not an option.
Desk- It was a small salesman … (85 comments)

Help!! I'm lost in the flood of Contact Management systems. - 08:34 AM
Dear Fellow Activerainers,
 
I have been researching the contact management systems and I need your help. Some systems look like you need to be a computer geek to run and some appear so basic and full of fluff. I would like to use a system that would require minimal geekness and still has up to date, relative Real estate information that will be helpful to my clients. What system is working for you?
Thank you in advance for your help in this matter.
 
Scott Larson
(71 comments)

Loving the RAIN! - 04:30 AM
 
 
I am LOVING the RAIN!      Not the wet kind - it is my ActiveRain peeps I have gotten to know across the Country!
 
Over the last few weeks, I have received a few referrals from ActiveRain members.     One ended up being a rental and I gave them some options.    One buyer ended going with a friend of theirs.
TWO families listed with me, and I was SO EXCITING yesterday to give these sellers the news --- I have an OFFER on your property!      It was just as exciting to tell the referring agents they were under contract!To … (57 comments)

I don't care about the money. Why I'm donating $10,000 to my client... - 10:05 PM
I don't even know how to start this blog. Earlier today I swung by a builders office and encroached on a transaction between a young newbie agent and sales counselor who was locked in on over selling the to-be-built community pool and bul*#&@ walking trails that most likely bordered a litter of rabies infected chupracabras and aids infested honey badgers.
When I walked in I assumed somebody would greet me. Afertall, I'm an Area Specialist and unique multi-million dollar producer with a few crooked teeth agent who cuts his own hair in the bathroom.. and likes kaboom from wal-mart. But that didn't happen. The sales counselor … (49 comments)

Realtor TKO - Round Two Begins Now! - 09:21 PM
 The first year I was in real estate, the agents who feed off new agents found me and I was in a fight with some guy or gal for a year.  Bad news!  The second year, I started getting my sea legs and found out that I didn't have to meet these antagonists head on.  I learned to get my job done without resorting to virtual hand-to-hand combat with "the other side".  I found my balance. I have mellowed.  My strongest strength in a transaction is the contract itself.  The contract will speak for itself.  If I know the contract and keep up to … (41 comments)

Email Questions: Do You Think Power Lines in the Yard Will Hurt Value? - 10:31 AM
This question could be about any negative issue that might affect the home value of a potential purchase or sale.
The Question:
Hi Jeff,
We really like the home on __________________ but we have a question. The home is beautiful on the inside, but we are worried about the power lines that run along the backyard. Do you think the power lines will hurt the value of the home in the future?
John and Mary
My Answer:
John and Mary,
The short answer is any negative feature can affect the value of a home. A negative feature is one which will … (20 comments)

Non Occupying CO Borrower - 03:33 PM
Have you tried purchasing a home in the last couple of years and been declined because you didn’t have sufficient income?  There may be a way to fix this!  FHA allows for buyers to use a non-occupying co-borrower to qualify for a home loan. 
When looking at using a non-occupying borrower you are allowed to have a minimum down payment of 3.5%.  The property qualifies for a FHA non-occupying co-borrower when the subject property is one unit and when the non-occupant is related to the occupying borrower by blood, marriage or law.  Additional longstanding family type relationships can be established and allowable … (13 comments)

Be Careful When You Name Drop! - 08:35 PM
Be careful when you name drop!  It may come back and bite you and your seller in the butt. 
I showed a new construction home this afternoon to one of my new buyer clients.  I had previewed the home, gathered a little more information about the builder, the features and upgrades, and the restrictive covenants of the neighborhood.  The wife and I took a look at the home today and we are planning to add it to the short list of the homes that we would like the husband to view this weekend. 
I called the listing agent after we … (46 comments)


Blog posts


USA And International Contact us for pricing Health Care, Special Use - 04:14 AM
Health Care, School, Special Use Properties For Sale … (0 comments)

Austin Real Estate Market Statistics for June 2012 - 07:53 AM
Austin real estate market stats for June, 2012:7,818 Active listings3,637 homes under contract2,409 homes sold$293,862 – average sold price54 – average days on market before sellingThe numbers for last June:2,104 homes sold$282,229 – average sold price71 – average days on market before selling
(0 comments)

It is REAL-TOR nor Real-i-tor!!! - 02:04 PM
Does ignorance bother you?  Does it bother you when people just can't get even the most simple things right?  Why can people, even those in the industry, pronounce a very simple word correctly?  It is like listening to GW say nucular instead of nuclear!
Other things that bug me - why do people refer to a PIN number?  What the heck is a personal identification number number?  Or how about an ATM Machine - what the???
And then there is one of my favorite redundencies - the hot water heater.  I hate to say it, but the thing doesn't take in … (3 comments)

The Gospel according to John - 08:04 AM

 
OK, let me clear up any misconception. This gospel is not from any of those dear folks that shared information back when we switched from BC to AD. This is my gospel (good news). It is a free blogdom and these are little things that I want to share.
Why? Well, today I have accomplished surviving 66 years on this mortal coil. As the songwriter lamented, "they're only words, but words are all I have to take your heart away". 
For background purposes (it's always nice to know the roots of the author), let me again dip into the … (14 comments)

OPEN HOUSE SUNDAY 7/15 2:00-4:00 - 04:32 PM
Information deemed reliable but not guaranteed.Agent and/or buyer to verify all information.
(0 comments)

A Pasadena Open House Barbecue...Martha Brown Style - 08:08 PM
A Pasadena Open House Barbecue...Martha Brown Style   What a lovely evening we had. A half hour drive from Baltimore...well maybe a bit more in traffic, and I was at Martha Brown's unique listing in Pasadena. Wonderful way to combine an entertaining evening with friends, neighbors and ActiveRain members, to showcase  a special home and create awareness for a special  charity. Martha knows how to market a home. Who ever heard of a Thursday evening open house Barbecue?  This property is perfect for entertaining with its secluded acre multiple garages, carports and private "beach" area. It would make a great extended … (16 comments)

Charlotte Real Estate Market - June 2012 Report - 10:52 AM
Ready for some great news? The number of Charlotte NC homes on the market in the Charlotte-Gastonia-Rock Hill NC/SC Metro Area was 19,510 as of 6/30/2012. The average sales price was $227,924 or 92.7% of the list price, which is $11,535 or +5.3% higher than the average sales price at the same time last year. The average number of days on the market for residential listings is 4.63 months.
Those are the numbers. The great news is that they prove the encouraging trends I've been commenting on in the Charlotte Real Estate Market Report are real and substantial.
So I'll say … (0 comments)

Affordable and Super Low Maintenance Brick Ranch in Mount Vernon Ohio - 06:15 AM
One of the most convenient locations in Mount Vernon Ohio and within a one minute walk of the Mount Vernon Shopping Center and restaurants.  More listing details available and a virtual tour at 16 Plaza Drive in Mount Vernon, Ohio.
View and compare all of our available Mount Vernon Ohio homes for sale and organized in price order.
Sam Miller Team of REMAX Stars Realty 740-397-7800 Knox County Ohio Real Estate
(2 comments)

Get Organized and Get it Done with Things - 02:17 PM
Life can get overwhelming at times with everything we have to do between work, family and running a successful business. We jot down to-do items on sticky notes, calendars, even our hands, but inevitably something gets overlooked because there’s so much to manage, who can keep track of it all? The “Things” app from Cultured Code makes it easy to stay organized whether you’re at home, in the office or on the go.
Organize Your To-Do List
Create your to-do list easily all at once or add items as you think of them. All to-do items are stored in the “inbox” … (1 comments)

Wallkill's Best!Offers Ultimate Privacy,Unique Spaces & Top Amenities! - 07:41 AM
(0 comments)

End Unit Town home for sale in McNair Farms Herndon Virginia 20171 in Fairfax County - 05:20 AM
 
Ritu Desai & Samson Properties Presents New Featured Listing MLS# FX7883513 Address: 2467 CLOVER FIELD CIR, HERNDON, VA 20171 Neighborhood/Subdivision: McNair Farms Landbay 11 Year Built: 1994      Low HOA: $95/Month
 
 Click here for Virtual Tour Brick Front End Unit Town Home*Traditional Sale * 3 Bedrooms & 2 Full/2 Half Baths and One Car Garage* Schools: Elementary- Mcnair Middle- Carson  High - Westfield Location, Location Location!! Close to Monroe Park and Ride, Dulles Toll Road,Route 28,Fairfax County Parkway, Reston, Fairfax, Chantilly, Shopping, Fine Dining and many more convenience.
** Freshly painted in neutral color. ** Just replaced for you … (1 comments)

Video That Explains The Perfect Craigslist Ad... - 06:12 AM
My friend josh Schoenly did a great job explaining this...
 

The Perfect Craigslist Ad

 
(2 comments)

Northwest Suburban Real Estate Market Report - June 2012 - 03:14 PM
Real Estate Market Update - Northwest Suburbs - June 2012 You might find this housing report interesting if:  1)  You are thinking of selling your home in the Northwest Suburbs soon and want to see what's really up with our market. 2)  You don't know what to believe because there are conflicting reports constantly in the media. They are always talking but saying little of value. 3)  You're a future buyer that's looking to get a feel for purchasing a larger home in the area but you're not sure what to expect. So let's start with those questions you might have. What … (6 comments)

Stuart Florida Market Report ZIP Code 34996 – Residential, June 2012 - 05:13 AM
Stuart Florida Market Report ZIP Code 34996 – Residential, June 2012  
Stuart Real Estate Snapshot for ZIP Code 34996, Residential Sales for June 2012  
 
For June, 2011 in the 34996 Zip Code area of Stuart, Florida :
There are currently 159 active listings (A decrease of 14 homes from May).
 
32 Residential sales are pending and awaiting close or lender approval (Down 1 from May).
 
8 Homes Sold in June (Up 26 from May).
The 34996 zip code area of Stuart Florida showed less sales for June as compared to last month while inventory … (7 comments)

Is it ok if I make a copy of the key? NO it is not ok... - 03:19 AM
NO KEY, NO ACCESS, NO TRESPASSING!!
Over the years, I've heard that same question from various folks.  A buyer who wants to know if they can
1.  Store some items in the garage of the vacant home they are buying?2.  Have a key to bring in the carpet company, the window blind company, etc.3.  Walk the lot to measure for fencing.
No, no, no.
Any buyer who accesses a property without their buyer's agent or seller's agent is TRESPASSING.
We've all heard the horror stories of the contract buyer who leaves the faucet on with the water off and the subsequent … (12 comments)

REAL ESTATE STATISTICS FOR LOUDOUN COUNTY, JANUARY 1, THROUGH JUNE 30, 2012. - 04:25 AM
A few things that are made clear by the SOLD statistics for Loudoun County for the first half, January 1, 2012 through June 30, 2012 are:
Loudoun County is a rural area, the average lot size is 5.72 acres.
The sale of properties in Loudoun County for the first half of 2012 was brisk, with an average time on the market of only 72 days.
The housing stock in Loudoun County is relatively new with an average age of only 21 years. 
LOUDOUN COUNTY FACTS for January 1 through June 30, 2012:
There were 1,340 Single Family Detached properties SOLD … (4 comments)

REAL ESTATE STATISTICS FOR LEESBURG, LOUDOUN COUNTY VA, JAN 1 - JUNE 30, 2012. - 04:50 AM
 
A few things that are made clear by the SOLD statistics for Leesburg, (the County Seat for Loudoun County) for the first half, January 1, 2012 through June 30, 2012 are:
 
Leesburg is an urban area, the average lot size is 1.65 acres.
 
The sale of properties in Leesburg for the first half of 2012 was active, with an average time on the market of only 70 days, less than the county average of 72 days.
 
The housing stock in Leesburg is relatively new with an average age of only 20 years. 
 
LEESBURG FACTS for … (2 comments)

Fed Minutes Suggest Fiscal Stimulus Later This Year - 12:20 PM
Forgive me a moment while I lapse into cynicism. 
When Alan Greenspan spoke, he said little to nothing, but said it with such imagination, it was fun.
The present bunch just isn't any fun.
If Weasels could talk, they'd be named the Federal Reserve.
On housing : Home sales, construction and prices suggest improvement On inflation : Prices are stable, and inflation will remain through 2014 "subdued" On new policy : Rapid fiscal tightening poses a "downside risk" to the economy  
 
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Via Jeffrey Samuels (Jeffrey Samuels Real Estate Services):
The Federal Reserve released the minutes from its June Federal Open … (2 comments)

California Homeowner Bill of Rights into law - 12:33 PM
Homeowner Bill of Rights makes sense in two particular areas.
How often have agents been in contract/process wtih a Short Sale only to find that the property is scheduled for foreclosure before the Short Sale could be approved.
How often have owners and their listing and buyer's agents been thwarted, sent from person to person, back to the bottom of the stack???
 
Prohibiting “dual track” foreclosures that occur when a servicer continues foreclosure while also reviewing a homeowner’s application for a loan modification; Creating a single point of contact for homeowners who are negotiating a loan modification; ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Via Ken Brazil, … (2 comments)

REAL ESTATE STATISTICS FOR ALDIE, LOUDOUN COUNTY VA, JAN 1 - JUNE 30, 2012. - 01:42 PM
A few things that are made clear by the SOLD statistics for ALDIE, for the first half, January 1, 2012 through June 30, 2012 are:  
Aldie is a great location for new home searches.  There are a number of national home builders there offering unique home styles and lovely site selections in prices from about $500,000 to about $999,000.  
 
Aldie is an urban area, the average lot size is 2.01 acres.
 
 
The sale of properties in Aldie for the first half of 2012 was active, with an average time on the market of only 70 … (0 comments)

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